After much speculation, the Central Bank of Kenya (CBK) Governor Patrick Njoroge finally addressed the nation on the impact of De La Rue’s recent suspension of operations in Kenya. Speaking at the Monetary Policy Committee meeting on Tuesday, January 31, Njoroge assured the public that Kenya’s currency needs would not be affected by De La Rue’s suspension of operations.
“In terms of currency needs, we are completely fulfilled,” Njoroge stated. He acknowledged that the suspension would have an impact on the workers contracted by De La Rue, but maintained that the country’s supply of currency had been met. This comes after reports suggested that the country would face a currency shortage due to De La Rue’s decision to suspend its operations.
De La Rue, a British company that operates from Nairobi’s Ruaraka area, is known for its design and production of Kenya’s banknotes and banknote security features for the CBK. The company has a long-standing relationship with Kenya, dating back to before independence, and has delivered many projects, including the first national identity card system and the print and production of Kenya’s banknotes. The Nairobi factory also produces checkbooks and other security documents and was the first in the region to be credited for Visa Card and MasterCard personalization.
De La Rue’s decision to suspend its operations in Kenya was reportedly due to reduced orders and the current economic climate. Despite the suspension of operations, the company’s website states that it made significant investments in a modern factory to print banknotes and other security products, taking advantage of a Kenyan government initiative aimed at promoting Kenya as a center for international trade.
In conclusion, CBK Governor Patrick Njoroge reassured the public that Kenya’s currency needs would not be affected by De La Rue’s suspension of operations, but acknowledged that the workers contracted by the company would be affected. The Central Bank of Kenya remains committed to fulfilling its mandate and ensuring the stability of the Kenyan economy.
